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Impact of COVID-19 on Asian Economies and Policy Responses cover

 

On March 12th 2020, World Health Organization (WHO) declared the spreading of the new virus, 2019-nCoV, a pandemic. In Asia, the virus, more commonly referred to as COVID-19, has been spreading since the end of December. To contain the public health threat, almost all countries enforced a variety of measures, including lockdowns, to minimize face-to-face human interactions between the infected and the susceptible.

While these vigilant measures save lives, they also generate a substantial negative economic shock that immediately halts demand and significantly disrupts supply, global production value chain and trade. The consequences are dire — considerable decline in output, massive surge in unemployment, countless bankruptcy cases, and unrelentless worries over financial stability. The result, a worldwide economic setback, is more severe than that experienced during the Great Financial Crisis of 2008–2009.

Asia's experiences with COVID-19 precede that in the West. This fortuitous timing allows Asia to share its learnings drawn from experiences to benefit the world.

The Asian Bureau of Finance and Economic Research's (ABFER) community has gathered a collection of insights to inform the public. Besides providing access to research on the pandemic conducted in Asia, these commentaries offer comprehensive information on the effects of the pandemic, the effectiveness of measures employed to contain it and the subsequent economic impacts from such implementation. With granular analyses of government policies and their associated economic rescue packages, these commentaries elucidate the hard trade-offs between public health protection and economic security. Finally, the commentaries address the broader impact of the pandemic on international trade, global value chains and society.

 

Sample Chapter(s)
Chapter 1: Economic Effects of Lockdown in China

 

Contents:

  • Introduction:
    • COVID-19: Collective Learning from the East (Sumit Agarwal, Zhiguo He and Bernard Yeung)
  • Containing COVID-19 and the Effects:
    • Economic Effects of Lockdown in China (Qin Chen, Zhiguo He, Chang-Tai Hsieh and Zheng (Michael) Song)
    • A First Look at China's Consumption After Coronavirus (Wenlan Qian)
    • Public Policy Tools to Address the COVID-19 Pandemic: Health Versus Economy (Hanming Fang)
    • Saving Lives Versus Saving Livelihoods: Can Big Data Technology Solve the Pandemic Dilemma? (Kairong Xiao)
    • Mitigating COVID-19 Risks to Sustain Growth (Harrison Hong, Neng Wang and Jinqiang Yang)
    • Pandemic and Panic: Government as the Supplier of Last Resort (Yi Huang, Chen Lin, Pengfei Wang and Zhiwei Xu)
  • Government Policies:
    • Six Lessons for Public Health in the Fight Against COVID-19 (Hanming Fang)
    • Containing the Virus or Reviving the Economy? Survey from China Provides an Answer (Keyang Li, Yu Qin, Jing Wu and Jubo Yan)
    • Dealing With a Liquidity Crisis: Economic and Financial Policies in China During the Coronavirus Outbreak (Zhiguo He and Bibo Liu)
    • Policy Rx for the Economy: Cash or Credit? (Deborah Lucas)
    • The State as Insurer of Last Resort (Joseph Cherian and Bernard Yeung)
    • Singapore's Policy Response to COVID-19 (Danny Quah)
    • Singapore's Coordinated Battle Against the Pandemic (Weina Zhang and Ruth Tan)
    • Ten Keys in Beating Back COVID-19 and the Associated Economic Pandemic (Shang-Jin Wei)
    • Heuristics in Policymaking: It's Time to Figure Out What Drives Policy Uncertainty (Xiao Ji, Mengyu Wang and Hong Zhang)
    • What Comes to Mind: Some Reflections on COVID-19 (Yueran Ma)
  • Implications on International Credit and Trade:
    • The COVID-19 Pandemic Exposes Asian Banks' Vulnerability to US Dollar Funding (Cyn-Young Park and Peter Rosenkranz)
    • The Impact of COVID-19 on Asia and the Future of Global Supply Chains (Bert Hofman)
    • International Trade Has Suffered a One-Two Punch. Can It Recover After COVID-19? (Davin Chor)
    • COVID-19 in the Global Production Network (Ben Charoenwong)
    • Post-COVID-19 Reconfiguration of the Global Value Chains and China (Hanming Fang and Bernard Yeung)
  • Concluding Remarks — A Post-COVID-19 World:
    • Post-COVID-19, How Will We Be Better? (Danny Quah)

 

Readership: Students (all levels, including senior high school), academics, practitioners.

 

Free Access
FRONT MATTER
  • Pages:i–xxv

https://doi.org/10.1142/9789811229381_fmatter

Part II: Containing COVID-19 and the Effects


Free Access
Chapter 1: Economic Effects of Lockdown in China
  • Pages:3–10

https://doi.org/10.1142/9789811229381_0001

No Access
Chapter 2: A First Look at China’s Consumption After Coronavirus
  • Pages:11–15

https://doi.org/10.1142/9789811229381_0002

No Access
Chapter 3: Public Policy Tools to Address the COVID-19 Pandemic: Health Versus Economy
  • Pages:17–18

https://doi.org/10.1142/9789811229381_0003

No Access
Chapter 4: Saving Lives Versus Saving Livelihoods: Can Big Data Technology Solve the Pandemic Dilemma?
  • Pages:19–24

https://doi.org/10.1142/9789811229381_0004

No Access
Chapter 5: Mitigating COVID-19 Risks to Sustain Growth
  • Pages:25–32

https://doi.org/10.1142/9789811229381_0005

No Access
Chapter 6: Pandemic and Panic: Government as the Supplier of Last Resort
  • Pages:33–43

https://doi.org/10.1142/9789811229381_0006

Part III: Government Policies


No Access
Chapter 7: Six Lessons for Public Health in the Fight Against COVID-19
  • Pages:47–49

https://doi.org/10.1142/9789811229381_0007

No Access
Chapter 8: Containing the Virus or Reviving the Economy? Survey from China Provides an Answer
  • Pages:51–54

https://doi.org/10.1142/9789811229381_0008

No Access
Chapter 9: Dealing With a Liquidity Crisis: Economic and Financial Policies in China During the Coronavirus Outbreak
  • Pages:55–63

https://doi.org/10.1142/9789811229381_0009

No Access
Chapter 10: Policy Rx for the Economy: Cash or Credit?
  • Pages:65–69

https://doi.org/10.1142/9789811229381_0010

No Access
Chapter 11: The State as Insurer of Last Resort
  • Pages:71–77

https://doi.org/10.1142/9789811229381_0011

No Access
Chapter 12: Singapore’s Policy Response to COVID-19
  • Pages:79–88

https://doi.org/10.1142/9789811229381_0012

No Access
Chapter 13: Singapore’s Coordinated Battle Against the Pandemic
  • Pages:89–95

https://doi.org/10.1142/9789811229381_0013

No Access
Chapter 14: Ten Keys in Beating Back COVID-19 and the Associated Economic Pandemic
  • Pages:97–103

https://doi.org/10.1142/9789811229381_0014

No Access
Chapter 15: Heuristics in Policymaking: It’s Time to Figure Out What Drives Policy Uncertainty
  • Pages:105–112

https://doi.org/10.1142/9789811229381_0015

No Access
Chapter 16: What Comes to Mind: Some Reflections on COVID-19
  • Pages:113–119

https://doi.org/10.1142/9789811229381_0016

Part IV: Implications on International Credit and Trade


No Access
Chapter 17: The COVID-19 Pandemic Exposes Asian Banks’ Vulnerability to US Dollar Funding
  • Pages:123–130

https://doi.org/10.1142/9789811229381_0017

No Access
Chapter 18: The Impact of COVID-19 on Asia and the Future of Global Supply Chains
  • Pages:131–139

https://doi.org/10.1142/9789811229381_0018

No Access
Chapter 19: International Trade Has Suffered a One-Two Punch: Can It Recover After COVID-19?
  • Pages:141–145

https://doi.org/10.1142/9789811229381_0019

No Access
Chapter 20: COVID-19 in the Global Production Network
  • Pages:147–149

https://doi.org/10.1142/9789811229381_0020

No Access
Chapter 21: Post–COVID-19 Reconfiguration of the Global Value Chains and China
  • Pages:151–156

https://doi.org/10.1142/9789811229381_0021

Part V: Concluding Remarks — A Post–COVID-19 World


No Access
Chapter 22: Post–COVID-19, How Will We Be Better?
  • Pages:159–166

https://doi.org/10.1142/9789811229381_0022

Sumit Agarwal is the Low Tuck Kwong Professor at the School of Business and Professor in the departments of Economics, Finance and Real Estate at the National University of Singapore. Previously, he held positions as a Professor of Finance at Georgetown University, senior financial economist in the research department at the Federal Reserve Bank of Chicago and a senior vice president and credit risk management executive in the Small Business Risk Solutions Group of Bank of America.

Dr Agarwal's research interests include issues relating to financial institutions, household finance, behavioral finance, international finance, real estate markets, urban economics and capital markets. He has published over eighty research articles in journals like the American Economic Review, Quarterly Journal of Economics, Journal of Political Economy, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Management Science, Journal of Financial Intermediation, Journal of Money, Credit, and Banking among others. Additionally, he has co-written a book titled Kiasunomics and co-edited a collected volume on Household Credit Usage: Personal Debt and Mortgages.

He is the co-editor of Real Estate Economics and an association editor at Management Science and Journal of Financial Services Research. He writes regular op-ed's in the Straits Times and Forbes and is featured on various media outlets like the BBC, CNBC, and Fox on issues relating to finance, banking, and real estate markets. Sumit's research is widely cited in leading newspapers and magazines like the Wall Street Journal, The New York Times, The Economist, and the US Presidents Report to Congress. He also runs a blog on household financial decision making called Smart Finance.

Dr Agarwal has won various prestigious awards like the Distinguished Alumni Achievement Award at the University of Wisconsin-Milwaukee, Outstanding Researcher Award at the National University of Singapore, the Paul Samuelson TIAA-CREF certificate of excellence, the Terker Family Prizes in Investment Research Award from the Wharton School of Business, the Glucksman Institute Research Award from New York University and grants from the Russell Sage Foundation and the NBER/Sloan Foundation.

Dr Agarwal has been invited to present his research at many renowned universities such Columbia University, Northwestern University, University of California Berkeley, Johns Hopkins, Wisconsin, Minnesota, Maryland, as well as institutions and central banks namely the IMF, World Bank, European Central Bank, European Union, Dutch Central Bank, Riksbank, OCC, and the Federal Reserve Banks of Chicago, San Francisco, Atlanta, Boston, New York, and Philadelphia. He has consulted with the World Bank, Federal Deposit Insurance Corporation, OCC, the Reserve Bank of India and Bank of America.

He has also served as an adjunct professor and a scholar at the finance department at George Washington University, DePaul University, the Indian School of Business, HKUST, BIS and the World Bank. Agarwal received a PhD in economics from the University of Wisconsin-Milwaukee.

 

Professor Zhiguo He, Fuji Bank and Heller Professor of Finance, University of Chicago, Booth School of Business; Finance PhD program area advisor, University of Chicago, Booth School of Business; Faculty co-director of the Fama-Miller Center, University of Chicago, Booth School of Business; Research associate at NBER; Special-term Alibaba Foundation Professor, Tsinghua University, School of Economics and Management; Member of the academy committee, Luohan Academy.

Professor He is interested in the implications of agency frictions and debt maturities in financial markets and macroeconomics with a special focus on contract theory and banking. His recent research focuses on the role of financial institutions in the 2007/08 global financial crisis. He is also actively conducting academic research on Chinese financial markets that have been undergoing rapid development, including the stock market, local government debt, shadow banking, and interbank markets together with recent regulation changes; in relation to this research, he teaches a newly created elective MBA course, "Chinese Economy and Financial Markets." Besides research in Chinese financial markets, he has also been writing academic articles on new progress in the area of cryptocurrency and blockchains. His research has been published in leading academic journals including the American Economic Review, Econometrica, the Review of Economic Studies, the Journal of Finance, the Review of Financial Studies, and the Journal of Financial Economics. He has been an associate editor for the Review of Financial Studies and Management Science and currently serves as an associate editor for the Journal of Finance.

Professor He received his bachelor and master degrees from the School of Economics and Management at Tsinghua University before receiving his PhD from the Kellogg School of Management at Northwestern University in 2008. He has been named a 2014 Alfred P Sloan Research Fellow, and has won numerous awards for his outstanding scholastic record, including the Lehman Brothers Fellowship for Research Excellence in Finance in 2007, the Swiss Finance Institute Outstanding Paper Award in 2012, the Smith-Breeden First Prize in 2012, and the Brattle Group First Prize in 2014. In autumn 2015 he was the dean's distinguished visiting scholar at Stanford University, Graduate School of Business and in winter 2020 he will be a visiting professor of finance at Yale University, School of Management. Before joining the Chicago Booth faculty in 2008, he worked as a stock analyst at the China International Capital Corporation in Beijing in 2001 and visited the Bendheim Center for Finance at Princeton University as a post-doctoral fellow.

 

Professor Bernard Yeung is Stephen Riady Distinguished Professor in Finance and Strategic Management at the National University of Singapore Business School. He is also the President of the Asian Bureau of Finance and Economic Research. He was Dean of NUS Business School from June 2008 to May 2019. Before joining NUS, he was the Abraham Krasnoff Professor in Global Business, Economics, and Management at New York University (NYU) Stern School of Business and the Director of the NYU China House. From 1988 to 1999, he taught at the University of Michigan and at the University of Alberta from 1983 to 1988.

Professor Yeung has published widely in top tier academic journals covering topics in Finance, Economics, and Strategy; his writing also appears in important media publications such as the People's Daily, The Financial Times, The Economist, and The Wall Street Journal.

He won the Public Administration Silver Medal (2018) in Singapore, Irwin Outstanding Educator Award (2013) from the Academy of Management and is an elected Fellow of the Academy of International Business.

Professor Yeung was a member of the Economic Strategies Committee in Singapore (2009), a member of the Social Science Research Council (SSRC) in Singapore (2016-2018) and a member of the Financial Research Council of the Monetary Authority of Singapore (2010 -2013).

Professor Yeung sits on the 3rd Advisory Board of the Antai College of Economics and Management at Shanghai Jiao Tong University, the Advisory Council of the Economics and Management School of Wuhan University and the Advisory Committee of the Institute of Economics, Academia Sinica. Professor Yeung also serves as an independent Non-Executive Director of the Bank of China (BOC) Aviation Limited since 2016.

Professor Yeung received his Bachelor of Arts in Economics and Mathematics from the University of Western Ontario and his MBA and PhD degrees from the Graduate School of Business at the University of Chicago.